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Insertion of new section 37A- Special provisions relating to assets held outside India in contravention of section 4

Section 142 - Act - AMENDMENTS TO THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999 - Finance Act - Section 142 - Insertion of new section 37A 142. After section 37 of the Foreign Exchange Act, the following section shall be inserted, namely:- Special provisions relating to assets held outside India in contravention of section 4 37A. (1) Upon receipt of any information or otherwise, if the Authorised Officer prescribed by the Central Government has reason to believe that any foreign exchange, foreign se .....

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rescribed. (2) The order of seizure along with relevant material shall be placed before the Competent Authority, appointed by the Central Government, who shall be an officer not below the rank of Joint Secretary to the Government of India by the Authorised Officer within a period of thirty days from the date of such seizure. (3) The Competent Authority shall dispose of the petition within a period of one hundred eighty days from the date of seizure by either confirming or by setting aside such o .....

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